Energy Market Data and Market Trading Tips from Technical Analysts

natural gasCrude futures on NYMEX initially got support from U. S. Consumer Confidence Index data but ended the day marginally lower at $62.28.

Natural Gas continues to remain laggard and ended at $3.51 on NYMEX. Though it saw some upside on MCX due to depreciation in Rupee against the dollar.

Japan's crude oil imports dropped 11.1 percent in April to 18.919 million kilolitres (3.97 million barrels per day), the sixth straight month of year-on-year declines, the Ministry of Finance said on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC) will meet on Thursday to review its oil supply policy and is expected to keep output targets steady while calling for improved compliance by its members.

A preliminary Reuters poll ahead of U. S. weekly inventory data showed forecasts for a 1.1 million drawdown in crude stocks and a
1.8 million decline in gasoline stocks last week.

Crude oil: We expect an upside in crude oil during the day getting support from the expected draw down in gasoline inventory and strong data from U. S.. We recommend buying in Crude oil at dips during the day.

Crude: Crude prices have breached the last week’s resistance of 2925-45. The RSI also have given cross over on the upside. Thus prices look positive from here. One can buy crude above yesterday’s close of 2942, targeting 2990.

Natural Gas: Natural Gas Prices are seen taking support at this 170 levels and moving up. The RSI also have given Cross over on Up-side. Thus the prices look positive from here. One can remain long in Natural with Stoploss of 168. Immediate upside target can be 179-178 and 188 in the near term.